Coinbase Shutting Down Most Crypto Services in Japan After Series of Job Cuts Globally – The Vice President of International and Business Development for cryptocurrency exchange Coinbase, Nana Murugesan, stated in an interview with Bloomberg that the majority of Coinbase’s operations in Japan will cease. He stated, “We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our Japan entity.” Coinbase teamed up with Mitsubishi UFJ Financial Group Inc. to launch a crypto exchange in Japan in 2021.
Murugesan added that Coinbase is finalizing its conversations with the Financial Services Agency, Japan’s top financial regulator. A small number of employees will remain in Japan to safeguard the safety and security of customer assets. Coinbase has reduced its global workforce. Tuesday, CEO Brian Armstrong announced the latest wave of cuts. Noting that the crypto exchange is “letting go of about 950 people,” the executive explained that the move is necessary to weather the industry downturn.
He stated, “We will be shutting down several projects where we have a lower probability of success.” In June last year, Coinbase said it made a decision to reduce the size of its team by about 18%, or about 1,200 employees, to ensure the company stays “healthy during this economic downturn.” The crypto exchange eliminated 60 more positions in November.
Nonetheless, Armstrong said Tuesday: “Despite everything we’ve been through as a company and an industry, I’m still optimistic about our future and the future of crypto. Progress doesn’t always happen in a straight line, and sometimes it can feel like we’re taking two steps forward and one step back.” Similar to Coinbase, Kraken said in December last year that it is shutting down services in Japan. Binance, on the other hand, is expanding its operations in the country by acquiring a regulated Japanese crypto exchange.
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